Lincoln Equities Finishes Renovating NJ Office Buildings
- Dec 13, 2017
Lincoln Equities Group has completed the renovation of three buildings in Morristown, N.J. The $2 million capital improvement projects began earlier this year and encompassed a total of 302,400 square feet of office space.
Located at 60 Columbia Road and 100 Southgate Pkwy., the three-story buildings were constructed in 1986 and sit within one mile of Interstate 287. Lincoln Equities acquired the properties from previous owner Alfieri Property Management in 2015, as part of an $80 million portfolio transaction.
The property on Columbia Road includes two buildings, one currently vacant and available for lease. Lincoln Equities redesigned the lobby, upgraded the HVAC systems and added amenities, including a fitness center and cafeteria. The renovations at the 151,400-square-foot building on Southgate Parkway involved updates to the entrances and exterior, including new landscaping.
Simon Property Group and the McKesson Corp. are among the tenants at 60 Columbia, with Verizon, Porzio Life Sciences and Alfieri Property Management occupying the 100 Southgate property, according to Yardi Matrix.
“We are pleased with the substantial improvements we’ve made at our Morristown properties,” said Joel Bergstein, president of Lincoln Equities, in prepared remarks. “The renovations have created modern spaces that fit the needs of corporations and medical offices seeking to expand or relocate. The upgrades respond to the evolving needs of growing companies who seek to attract a millennial demographic.”
A number of other office renovation projects are planned nearby, with Mack-Cali Realty Corp. recently announcing $50 million of upgrades to its suburban office portfolio in the area.
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